Gross Domestic Product (GDP) growth exceeded 3% in boththe second and third quarters of 2024, following data revisions released in mid-December. Current projections for the fourth quarter suggest GDP growth near the mid-2% range, though official data will not be available until late January. If these estimates hold, 2024 will mark a full year of above-trend growth, defying initial expectations of slower growth due to the Federal Reserve’s restrictive monetary policy. Growth in the fourth quarter was partly driven by another strong month of retail sales in November, indicating the consumer is still well positioned heading into 2025.
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